Foot Orthotic Insoles Market Size, Share, Growth Analysis, By Type(Prefabricated, Customized), By Applications(Medical, Sport & Athletics, Personal), By Region - Industry Forecast 2024-2031

Foot Orthotic Insoles Market Driver

Increasing Prevalence of Chronic Foot Conditions and Favorable Reimbursement Policies Driving Market Growth

• More than 30.0% of the general population is said to experience foot discomfort. Numerous medical disorders, including arthritis, plantar fasciitis, bursitis, and diabetic foot ulcers, can contribute to this pain. So, doctors recommend foot orthotic insoles to cure these disorders. According to NCBI, there will be between 9.1 and 26.1 million diabetic foot ulcers worldwide in 2021. Additionally, it is predicted that 20 to 25 percent of those with diabetes mellitus may develop a diabetic foot ulcer. Since the growing prevalence of diabetes reached an epidemic level, the volume and incidence of diabetic foot ulcers are quickly rising globally. Therefore, the aforementioned elements are significant market growth drivers on a global scale.

Foot Orthotic Insoles Market Restraint

High Prices for Custom Insoles and Low Market Penetration in Emerging Nations to Limit Market Growth

• Despite a significant need for efficient orthotic insoles, one of the most significant challenges preventing this market's expansion is the low level of product penetration in growing markets. Due to a lack of finance and service capacity, the demand for these insoles in lower-middle-income nations is constrained, which prevents their expansion. The main demand and supply factors that have made it difficult for users to reach and sustain this market in lower-middle-income nations are listed below. Additionally, LMIC clinical practitioners lack sufficient product alternatives to satisfy client expectations. They forbid players in the local market from placing flexible orders, which, as can be seen, is due to a poor supply channel. One of the main factors hindering the market's expansion is the high price of bespoke orthotic insoles. For example, Podiatry Today reports that the usual price of prescription custom foot orthotics purchased from a doctor is from USD 400 to USD 600. From one doctor to the next, the total cost of therapy varies. Most podiatrists give a pricing for a full treatment plan rather than a specific cost. The primary causes described above are to blame for this market's modest growth, which in turn, to some extent, restrains the market's total expansion.